19th May 2017, Florida – The global hearing aids market size worth USD 6.4 billion by 2024, according to a new research study published by Ameri Research. The market is expected to witness moderate growth due to rise in the aging population, growing prevalence of hearing disabilities, technological advancements and awareness campaigns to promote the usage of hearing aids.

The WHO (World Health Organization) estimates that the profound hearing loss impacts 5% of the population across the globe. The adult population accounts for 91%, whereas the children account for 9% or less. As per American Speech-Language-Hearing Association (ASHA), the degree of hearing loss is categorized as normal, slight, moderate, moderately severe, severe and profound. The majority of the users are those who have a hearing loss of 26 dB(mild) to 55 dB (moderately severe) and patients with a higher hearing loss disability might require other surgical interventions.

The increase in aging population is one of the prominent growth drivers. As per WHO estimates, over 33% people aged 65 years suffering from disabling hearing loss. In the U.S., the Administration of Aging (AoA), estimates that 46.2 million people are aged 65 years and above, and by 2040 this population is expected to grow at a CAGR of 21.7%. Similarly, the other developed regions such as the UK, Germany, France, Italy, China and Japan, are witnessing arise in aging population are expected to boost usage rates over the next few years.

The hearing aids are priced in the range of USD 1500 to USD 4000 per unit. The estimates by the U.S. Hearing Industries Association (HIA) indicate that approximately 3.65 million hearing aids were dispensed in 2016. Due to the technological advancements and high competition, product pricing and selection of appropriate sales channelswhich include,public (government agencies procurement),manufacturer-owned retail chain, independent dispensers and public (government agencies procurement) large retail chains are anticipated to play a crucial role in gaining lucrative revenue and volume share.

For instance, in the U.S., the big-box retailers such as Costco, Wal-Mart have created a niche market due to their unique value proposition and accessibility in different regions. The market participants are competing aggressively to promote their products through these retailers, and are using company-owned retail chains to increase their domination.

The behind-the-ear segment accounted for a dominant share of over 48% in 2016. However, canal hearing aids are anticipated to register the maximum growth rate of 7% over the forecast period

In 2016, digital technology occupied a share of 85% and is further expected to replace analog technology over the next few years

Europe was the largest region with 39% share, due to high disease burden, and thepresence of well-developed reimbursement coverage. The emerging markets in Asia Pacific are expected to provide lucrative growth opportunities over the next few years.